Cyprus econ­omy shrinks 0.4 pct in Q3

Kathimerini English - - Focus -

NICOSIA (AFP) – Cyprus’s re­ces­sion-hit econ­omy con­tracted by 0.4 per­cent in the third quar­ter, match­ing the drop of the pre­vi­ous three months, of­fi­cial fig­ures showed yes­ter­day. It was the 13th suc­ces­sive neg­a­tive quar­ter for the Mediter­ranean is­land’s bat­tered econ­omy, ac­cord­ing to a flash es­ti­mate from the state sta­tis­ti­cal ser­vice, which also re­vised the sec­ond-quar­ter drop to 0.4 per­cent from its ini­tial es­ti­mate of 0.3 per­cent. The eu­ro­zone econ­omy is still show­ing its slow­est rate of de­cline since the first quar­ter of 2012. The lat­est es­ti­mate shows that real GDP, based on sea­son­ally and work­ing-day ad­justed data, shrank 2 per­cent in the July-Septem­ber quar­ter from a year ear­lier. In April-July the econ­omy con­tracted 2.2 per­cent. In­ter­na­tional lenders have re­vised down their con­trac- tion fore­cast for this year from 4.8 per­cent to 4.2 per­cent. The Cyprus econ­omy con­tracted 5.4 per­cent in 2013. Due to bad debt and high un­em­ploy­ment, hov­er­ing at around 17 per­cent, lenders have cut their pro­jec­tions for re­cov­ery next year from 0.9 per­cent to 0.4 per­cent. The state sta­tis­ti­cal ser­vice said yes­ter­day there were pos­i­tive growth rates in ho­tels, restau­rants, le­gal and ac­count­ing ser­vices, and trade. But there was neg­a­tive growth in many other sec­tors, in­clud­ing con­struc­tion, man­u­fac­tur­ing, trans­port, bank­ing and other ser­vices.

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